Importing goods from other countries can be challenging and expensive. However, it can also be a rewarding experience once you have the information necessary to complete the process successfully.......[Read More]

The International Tax Agreement Act of 1953 is an extensive piece of Australian legislation that confirmed various conventions between Australia and other nations with regards to international taxes. The act is constantly updated, to coincide with new international tax conventions.......[Read More]

When it comes to the EIC, or Earned Income Credit, it is important to understand what it is, who is eligible for it and how it works. The Earned Income Credit can make a huge difference on your income tax return, affecting what you pay in taxes and if you receive a refund. However, you must be certa......[Read More]

College savings plans offered by each state are commonly called 529 plans because the authority to establish such plans derives from Section 529 in the Internal Revenue Code. These plans provide parents the option to save for the education of their children and certain relatives, often with the bene......[Read More]

The sale of land, especially if it's appreciated considerably over a long period of time, can create a huge tax liability. The taxable income is generally equal to the final sale amount less the initial cost, or tax basis, of acquiring the property. Land is not subject to depreciation, but if it was......[Read More]

If your employer gives you a fuel allowance and reports the allowance as part of your wages on your W-2, you may be able to write off part of your vehicle expenses. The most common way to write off vehicle expenses is to use the standard mileage rate. The rate was 50 cents per mile in 2011, but it c......[Read More]

One way to make filing your taxes an -- almost -- enjoyable experience is receiving deductions for applicable expenses. Problem is, some people miss deductions that might mean paying less with your return or even getting money back. Some taxpayers feel it is simpler to claim a standard deduction, bu......[Read More]

Alabama has one of the lowest tax rates in the United States.Carte Etats Unis Camaieu Rose image by Aimohy from Fotolia.comAlabama has one of the lowest state tax rates in the United States, according to the Alabama Department of Revenue. State income tax laws outline how much tax you can.........[Read More]

A tithe a donation of one-tenth of your earnings to a cause. It is usually considered in terms of members giving to their church. For many people, their tithe is the largest charitable contribution they will make to any qualified organization for the year. In most cases, the contribution is tax dedu......[Read More]

Whenever you sell something for more money than you paid for it, you face the potential of having to pay capital gains tax. It works both ways, however. If you sell something for less than you paid, you can write the loss off on your tax return and use some of it to mitigate taxes you might owe on o......[Read More]

The IRS considers any new corporation a C-corp until the election to become an S-Corp is made through the filing of Form 2553. An S-corp rarely changes to another type of filing status, unless there have been extenuating circumstances.......[Read More]

When someone dies, a personal representative with authority over the person's financial affairs must take responsibility for filing the deceased person's final income tax returns, along with a tax return for the preceding year if it has not been filed. The representative may also be required to file......[Read More]

Deductions take the sting out of paying taxes.tax forms image by Chad McDermott from Fotolia.comTax deductions reduce your tax bill when April 15th rolls around. The Internal Revenue Service (IRS) allows you to itemize deductions by filing Schedule A Form 1040 with your federal taxes (see.........[Read More]

Mortgage interest is deductible for most Americans on their federal income taxes.TAX TIME image by brelsbil from Fotolia.comHome mortgage interest is one of the few interest deductions available for taxpayers in 2010. There are rules regarding when mortgage interest is deductible..........[Read More]

E-filing is a quick and easy way to file your taxes with the IRS and can be done from home, using only your financial records and your personal computer. According to OLT Online Taxes, an e-file can be completed in as little as 20 minutes.......[Read More]

Tax time is stressful for many people and can present special challenges for low income individuals, senior citizens or members of the military. Organizations exist that provide free assistance with preparing and filing returns for these groups.......[Read More]

Form 1099-B is a tax form produced in triplicate entitled "Proceeds From Broker and Barter Exchange Transactions." One copy is submitted to the IRS, one copy is sent to the taxpayer and the last copy is kept by the involved brokerage or financial entity. If you perform any transactions involving sec......[Read More]

In 1997, President Bill Clinton enacted the Taxpayer Relief Act of 1997. The purpose was to reduce taxes and to reduce federal deficit spending. In 2009, President Barack Obama enacted the American Recovery & Reinvestment Act of 2009, with essentially the same goals.......[Read More]

When filing your income taxes each year, you may take the standard deduction or an itemized deduction amount on your Form 1040. Depending in your expenses, it may be more beneficial to calculate the itemized deductions and use this number instead of the standard set by the Internal Revenue Service.......[Read More]

Paying taxes is never fun.money, money, money image by easaab from Fotolia.comWith Canada's general tax on goods and services (GST) of 7 percent---a tax that must be paid on items purchased outside of Canada and then brought into the country---it is only natural for Canadians shopping in.........[Read More]